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One of your firm's clients dies and your firm is so notified. The member firm should: Get the names and addresses of beneficiaries of the estate. Cancel all open orders for the account. Freeze the account until the required documents are received. Get a letter from the attorney representing the estate with instructions. (A) I and IV (B) II and III (C) III and IV (D) All

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Answer:

The answers are:

  • Cancel all open orders for the account .
  • Freeze the account until the required documents are received.

Explanation:

If your business is notified that one of its clients has passed away, they immediately have to freeze that client's account and cancel any current or programmed operations. If someone dies you must try to find out who is the direct beneficiary of his account, so that they will decide what to do next. Until that happens, the account should not be operated anymore.

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